My view is that they were probably looking to buy assets 6-9 months ago, and hence the convertible note issue. As you say, the commentary at the time suggested this was definitely the case.
However, with current high coal prices, I suspect price expectations of vendors have increased significantly and they are now less likely to make an acquisition as a result.
The Chairman buying shares a few weeks ago suggests to me that a material acquisition is off the table for a while.
Ann: Quarterly Activities Report, page-12
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